Assume that you have a balance of $3000 on your American Express credit card and...
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Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below $50. (Round your answers to the nearest cent.)
| Month | Previous balance | Minimum payment | Purchases | Finance charge | New balance |
|---|---|---|---|---|---|
| 1 | $ | $ | $0.00 | $50.23 | $ |
| 2 | $ | $ | $0.00 | $50.06 | $ |
| 3 | $ | $ | $0.00 | $49.90 | $ |
|
| |||||
| 56 | $2507.06 | $ | $0.00 | $41.97 | $ |
| 57 | $ | $ | $0.00 | $41.84 | $ |
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